J.P. Morgan Chase on Friday reported first-quarterearnings that beat on the top and bottom lines, although trading revenue growth remained light.

Here's what the company reported versus expectations:

— Earnings of $2.37 a share vs. an estimated $2.28 a share from a consensus of analysts polled by Thomson Reuters.

— Revenue of $28.52 billion vs. an estimated $27.68 billion.

Shares closed more than 2.5 percent lower Friday amid a broad decline in bank stocks Friday. Investors were expecting strong results as the stock closed 2.5 percent higher Thursday and are up 6 percent for the year. The S&P 500 was down 0.36 percent year to date as of Thursday's close.

"2018 is off to a good start with our businesses performing well across the board, driving strong top-line growth and building on the momentum from last year," CEO Jamie Dimon said in a statement. He noted a 13 percent growth in client investment assets, and double-digit card sales and merchant processing volume.

"The global economy continues to do well, and we remain optimistic about the positive impact of tax reform in the U.S. as business sentiment remains upbeat, and consumers benefit from job and wage growth," Dimon said.

The bank reported return on equity of 15 percent in the first quarter. Adjusted expenses were $16 billion.

The bank distributed $6.7 billion to shareholders in the first quarter, net of stock issued to employees.

First quarter results were helped by a lower income tax rate, and J.P. Morgan also adopted new accounting guidance on revenue recognition.

For 2018, the bank forecast an effective income tax rate of about 20 percent and average core loan growth of 6 to 7 percent, excluding corporate and investment banking loans.

Net interest income for the year is expected to be $54 billion to $55 billion, up from $51.4 billion in 2017.

Trading results could get a "high single-digit" boost for the quarter, J.P. Morgan's co-president and co-chief operating officer, Daniel Pinto, said in late February. Market volatility has increased significantly in the last several weeks as traders worried about a trade war and other geopolitical issues.